A firm is qualified as an external auditor of an Insurer under the following circumstances•        Is a licensed member of the Institute of Chartered Accountants, Ghana and in good standing•        Has at least two (2) full time partners in the firm.4.2        A person is regarded as being qualified as an Auditor under circumstances where he or she •        is a member of the Institute of Chartered Accountants of Ghana or any other equivalent qualification recognized by the Commission.Has been authorized by the Institute of Chartered Accountants of Ghana or any professional body to practice auditing for the relevant period; Has at least five years experience in Insurance Accounting at partner level;•        Has at least four years experience in Insurance Accounting at managerial level; and•        Is not disqualified from acting as an auditor under any legislation.43 An insurer shall ensure that the external auditor is independent and has no conflict of interest with respect to the insurer.4.4 The auditor, on an annual basis, shall be required to complete a formal independence and 'fit and proper' declarations which shall be submitted to the Commission by the insurer.4.5 The insurer shall notify the Commission in writing if, at any time, it forms the opinion that its auditor is not independent.4.6 The Board shall be required to carry out the following oversight functions:         Oversee the preparation of the financial statements, financial reporting and disclosure processes;         Monitor whether accounting policies and practices of the Insurer are operating as intended;         Oversee the audit process and review the auditor's plans and material findings;Oversee the processes for hiring, removing and assessing the performance and   independence of the external auditor and to ensure that the external auditor has the necessary knowledge, skills, expertise, integrity and resources to conduct the audit; and Investigate the circumstances relating to the resignation or removal of an external auditor, and ensure prompt actions are taken to mitigate any identified risks to the integrity of the financial reporting process